Silver leaps Rs 11,500 to fresh record, gold rises Rs 800

New Delhi: Silver prices saw the steepest single-day surge in nearly two months and skyrocketed by Rs 11,500 to scale a fresh peak of Rs 1,92,000 per kilogram in the national capital, amid robust domestic demand fuelled by global cues.

According to the All India Sarafa Association, the white metal closed at Rs 1,80,500 per kilogram on Tuesday and gained Rs 11,500 in the local retail markets. So far this year, silver prices have added Rs 1,02,300, or 114.04 per cent, from Rs 89,700 per kg on December 31, 2024.

Earlier, such a steep single-day rise in silver price was recorded on October 10 this year when the rate went up by Rs 8,500 to Rs 1,71,500 per kilogram. Meanwhile, the price of gold of 99.9 per cent purity climbed Rs 800 to Rs 1,32,400 per 10 grams from the previous close of Rs 1,31,600 per 10 grams.

In the international market, spot gold was trading 0.16 per cent lower at $4,201.70 per ounce. Spot silver climbed by 1.53 per cent to hit a record high of $61.60 per ounce. “Gold traded with a modest gain on Wednesday, supported by a softer US dollar and firm expectations of a Federal Reserve rate cut.

A cautious market tone, coupled with lingering geopolitical uncertainties, also provided an additional tailwind for the precious metal,” Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.